EURUSD Price Analysis: Downside has further legs to go

• EURUSD corrects moderately lower following recent strength.
• The next support comes at the 100-day SMA near 1.0020.

EURUSD comes under pressure after two daily gains in a row and retreats to the low-1.0300s on Thursday.

The inability of the pair to close above the 1.0400 level coupled with the proximity of the overbought territory seems to have sparked some correction in the pair. Against that, extra losses carry the potential to drag spot to as low as the 100-day SMA, today at 1.0024. The loss of this region could put a test of the parity zone back on the radar.

So far, while below the 200-day SMA, the outlook for the pair remains bearish.

EURUSD daily chart